KNA announces listing on Kuwait stock market

Move completed ahead of launch of its subsidiary Wataniya Airways in Jan. 2009.
KNA announces listing on Kuwait stock market
By Andy Sambidge
Tue 16 Dec 2008 06:42 AM

Kuwait National Airways (KNA) has announced its listing on the Kuwait Stock Exchange, ahead of the start of flight operations for its flagship subsidiary, Wataniya Airways, in January 2009.

KNA, which was established in 2005, is the parent company of Wataniya Airways, the region’s newest commercial full service luxury airline.

KNA is also the majority shareholder in United Projects Group (UPAC) – a real estate, construction and aviation support company, and Royal Aviation Company Kuwait – which manages the new private air terminal at Kuwait International Airport.

KNA has an authorized and fully paid-up capital of KD 50 million, distributed over 500 million shares with a par value of 100 kuwaiti fils each following its initial public offering in 2006 that was jointly managed by KAMCO and Burgan Bank.

“We are delighted to have been able to complete the listing in 2008 and thereby achieve another planned milestone for KNA, demonstrating the continued successful growth and development of our thriving aviation company,” said Abdulsalam Al Bahar, KNA's chairman and managing director.

Wataniya Airways will launch a distinctive short haul airline targeting the Kuwaiti market, commencing with flights to Dubai from early 2009.

Wataniya Airways will be using a fleet of Airbus A320 aircraft with the lowest seat density of any similar scheduled aircraft in the world.

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